Full Press Release Details
Therapeutics Names Sylvia Cheung as Chief Financial Officer
Summary of Fourth Quarter and 2012 Preliminary Financial Results
BEDFORD, Mass.--(BUSINESS WIRE)--January 22, 2013--Anika Therapeutics,
Inc. (Nasdaq: ANIK) today announced the appointment of Sylvia Cheung as
the company's Chief Financial Officer, effective April 1, 2013. Cheung,
who has served as Anika's Vice President for Strategic Processes since
February 2012, will succeed Kevin W. Quinlan, who is leaving Anika
effective March 31, 2013 to pursue other professional opportunities. The
company also today provided its preliminary unaudited revenue results
for the fourth quarter and full year ended December 31, 2012.
Cheung, 38, brings to Anika more than 16 years of financial and general
management experience. Prior to her current position as Vice President
of Strategic Processes, Cheung served as General Manager for the
company's Italy-based subsidiary, Anika Srl. She joined Anika as
Controller in 2005. In addition to fulfilling wide-ranging financial
responsibilities as Controller, Cheung led the company's integration of
Anika Srl subsequent to its acquisition in 2009. Prior to Anika, she
held a series of progressively responsible financial management
positions at Transkaryotic Therapies, Inc. Cheung holds a bachelor of
business administration degree in accounting from the University of
Massachusetts in Amherst, a master's degree in business administration
from Boston University, and is a Certified Public Accountant (inactive).
"Serving as our new Chief Financial Officer will enable Sylvia to apply
her financial acumen and business experience not only in leading Anika's
finance team, but in playing a key role in our efforts to strategically
position the company for growth," said Charles H. Sherwood, Ph.D.,
Anika's President and Chief Executive Officer. "Sylvia has the ideal
combination of talents, skills and experience - as well as a record of
success as a member of Anika's senior management team - to ensure
continuity in the CFO position and help advance our company into the
"On behalf of the board of directors, I extend our thanks to Kevin
Quinlan for his years of dedicated service with Anika," Sherwood said.
"We look forward to Kevin's continued contributions during the
transition process in the weeks ahead, and wish him success in his
Preliminary Financial Results
Based on preliminary unaudited information and subject to the year-end
accounting close and audit, Anika expects total revenue for the fourth
quarter ended December 31, 2012 in the range of $22.0 million to $23.0
million, compared with $18.4 million in the fourth quarter of 2011. For
full-year 2012, total revenue is expected to be between $70.0 million
and $71.6 million, compared with $64.8 million a year earlier.
Anika expects to equal or exceed its previously announced guidance of
$0.74 net income per diluted share for full-year 2012. This includes, as
announced on December 28, 2012, a pre-tax charge of approximately $2.5
million related to the closure of the company's tissue engineering
facility in Abano Terme, Italy.
"Anika delivered solid revenue growth in the fourth quarter of 2012,
concluding an excellent year from both operational and financial
perspectives," said Sherwood. "Our top-line performance continues to be
driven by strong worldwide demand for our flagship orthobiologics
product Orthovisc . On the bottom line, improvements in
our operating efficiency, coupled with growing revenue, have enabled us
to drive continued growth in income from operations and strong cash
Fourth Quarter 2012 Conference Call
Anika expects to release its final financial results for the quarter and
year ended December 31, 2012 on Wednesday, February 27, 2013. The
company plans to hold a conference call the next day, Thursday, February
28, 2013, at 9:00 a.m. ET, to discuss its financial results, business
highlights and outlook. In addition, management will answer questions
concerning business and financial developments and trends, and other
business and financial matters affecting the company, some of the
responses to which may contain information that has not been previously
To listen to the conference call, dial 800-291-5365 (international
callers dial 617-614-3922) and use the passcode 89264114. In addition,
the call will be available through a live audio webcast in the "Investor
Relations" section of Anika's website, www.anikatherapeutics.com.
An accompanying slide presentation also can be accessed via the Anika
Therapeutics website. The call will be archived and accessible on the
same website shortly after its conclusion.
About Anika Therapeutics, Inc.
Headquartered in Bedford, Mass., Anika Therapeutics, Inc. develops,
manufactures and commercializes therapeutic products for tissue
protection, healing, and repair. These products are based on hyaluronic
acid (HA), a naturally occurring, biocompatible polymer found throughout
the body. Anika's products range from orthopedic/joint health solutions
led by Orthovisc , a treatment for osteoarthritis of the
knee; to surgical aids in the ophthalmic and anti-adhesion fields. The
company also offers aesthetic dermal fillers for the correction of
facial wrinkles. Anika's Italian subsidiary, Anika Therapeutics, S.r.l,
provides complementary HA products in orthopedic/joint health and
anti-adhesion, as well as therapeutics in new areas such as advanced
wound treatment and ear, nose and throat care. Its regenerative
technology advances Anika's vision to offer therapeutic products that go
beyond pain relief to protect and restore damaged tissue.
The statements made in this press release which are not statements of
historical fact are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, those relating to the appointment of
Sylvia Cheung as Anika's Chief Financial Officer, effective April 1,
2013; the departure of Kevin Quinlan as the company's Chief Financial
Officer effective March 31, 2013; Mr. Quinlan's continued service as
Chief Financial Officer and assistance with the CFO transition process
through March 31, 2013; and Anika's expectations regarding its financial
results for the fourth quarter and year ended December 31, 2012. These
statements are based upon the current beliefs and expectations of the
company's management and are subject to significant risks, uncertainties
and other factors. The company's actual results could differ materially
from any anticipated future results, performance or achievements
described in the forward-looking statements as a result of a number of